If that old expression — a recession is when your neighbor loses a job, a depression is when you lose it – is true, then the economy has entered into recession, at least according to Bill Hughes’ world. As SVP and managing director of Marcus & Millichap Capital Corp., Hughes monitors both real estate capital markets and the overall economy very closely. He also has a friend who was just laid off from a major investment bank.

“To state the obvious, there is substantial turmoil with Wall Street banks now,” he tells GlobeSt.com, and calm is unlikely to prevail until the economy and credit markets reach some equilibrium. Layoffs are one byproduct of the uncertainty among the investment banks; another is an inability to finance deals, at least in the short run, he says. Hughes spoke with GlobeSt.com about the economy, the recent interest rate cuts by the Federal Reserve and how all of this will affect commercial real estate financing.

GlobeSt.com: What are your thoughts on the recent interest rate cuts by the Federal Reserve Board? (http://www.globest.com/news/1078_1078/washington/167653-1.html)

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